Can I Contribute to an HSA if I am Unemployed?

Yes, you can contribute to a Health Savings Account (HSA) even if you are unemployed. However, there are certain eligibility criteria that need to be met to contribute to an HSA.

When it comes to contributing to an HSA, the following guidelines apply:

• An individual must be covered under a high-deductible health plan (HDHP).
• You cannot be claimed as a dependent on someone else's tax return.
• You must be a U.S. resident.
• Contributions can be made by you, your employer, or both.

Despite being unemployed, if you have an HDHP, you can still contribute to your HSA on your own. You can utilize the funds in your HSA for qualified medical expenses even if you are no longer covered by an HDHP.

It is important to note that contributions made to an HSA are tax-deductible, grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

Absolutely! You can absolutely contribute to an HSA even if you find yourself unemployed, as long as you meet the necessary eligibility criteria. Specifically, it’s essential that you have coverage under a high-deductible health plan (HDHP).